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Jt72
February 11, 2021
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starting quickbooks online for last year

  • February 11, 2021
  • 1 reply
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Hi

I am new to Quickbooks and am going to be doing the whole of last years books for my Dads business. I am probably being really stupid and i know there are lots of Tutorials, Webinars etc to show you what to do but nothing to show you in what order to do things in ? For example -

Where do i start after all info needed is set up is filled in, Do i  download bank statement first ? do i download the whole years worth in one time ? Or do i do 1 month at a time ? When do i upload receipts ? Before or after they have been Reviewed or Matched ? 

Thank you in advance

Best answer by MaryLandT

Depends on how you want to enter those transactions in QuickBooks, Jt72.

 

You can reconcile the bank statement each month to ensure you won't miss any entry.

 

Once you have them imported, make sure to check the opening balance. It should match with what you have on the real-bank account.

 

Here's a reconciliation guide to keep you on track: Learn the reconcile workflow in QuickBooks.

 

If you need assistance with this, I recommend contacting our QuickBooks Online Team. They can do screen-sharing with you and help you reconcile your account.

 

Here's how to get in touch with them:

 

  1. Go to Help (?).
  2. Select Contact Us, and give us a short description of your concern.
  3. Click  Let’s talk.
  4. Choose Start a chat with a support expert.

Get back to me if you need additional information about reconciling your bank account. I'll be right here whenever you have follow-up questions.

1 reply

JoesemM
JoesemM
February 12, 2021

Hi there, @Jt72.

 

Yes, you'll need to import the last year's bank statement into QuickBooks for your reference. You can use the following supported formats or file types:

 

  • Comma-Separated Values (CSV)
  • Quicken (QFX)
  • QuickBooks Online (QBO)
  • Microsoft Money (OFX)

Once the bank file is ready, start importing the file to your QuickBooks Online company by following these steps:

 

  1. Go to the Banking menu and select Banking.
  2. Choose File upload from the Update drop-down. You can also select Upload transactions manually.
  3. Hit Browse and pick the downloaded file.
  4. Select Next.
  5. From the QuickBooks account drop-down list, choose the account to which to upload the bank transactions, and select Next.
  6. If you're using a CSV file, follow the prompt to select columns from the CSV file that match QuickBooks Online banking fields. Another option is through the Import Data page. To do so, click the Gear icon, select Import Data, then hit Bank Data.
  7. Click Next.
  8. Select Let's go! or Finish.

Once done, you can create each transaction manually so it will be detailed starting from the old transactions. You can create monthly or quarterly the Journal entry, Profit and Loss, and Balance sheet report. Or how detailed you wish to have the last year's information.

 

Once everything is downloaded, just go back to the For Review tab to complete this task. This way, your financial records are correct before you reconcile the account. To learn more about this process, visit this article: Categorising Bank Transactions. 

 

Please let me know in the comments if you have other questions or concerns. I'm just a post away to help you out again. Take care!

J
Jt72Author
February 12, 2021

So I import the whole 12 months in one go ? And then Review and Categorise? Or do I do one month at a time ?

After Reviewing them do I Reconcile each month as I go ? Or at the end when I have reviewed the whole 12 months ? 

MaryLandT
MaryLandTAnswer
February 13, 2021

Depends on how you want to enter those transactions in QuickBooks, Jt72.

 

You can reconcile the bank statement each month to ensure you won't miss any entry.

 

Once you have them imported, make sure to check the opening balance. It should match with what you have on the real-bank account.

 

Here's a reconciliation guide to keep you on track: Learn the reconcile workflow in QuickBooks.

 

If you need assistance with this, I recommend contacting our QuickBooks Online Team. They can do screen-sharing with you and help you reconcile your account.

 

Here's how to get in touch with them:

 

  1. Go to Help (?).
  2. Select Contact Us, and give us a short description of your concern.
  3. Click  Let’s talk.
  4. Choose Start a chat with a support expert.

Get back to me if you need additional information about reconciling your bank account. I'll be right here whenever you have follow-up questions.

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